Machine dealers have unique risks that they deal with on a daily basis, including the possibility that their equipment could end up causing harm to the renter or buyer. Whether you rent, repair, lease, sell, or install large machinery, you should always make sure you have machine dealer insurance to protect you financially from any lawsuits brought against you.
Machine Dealer Coverage Options
Many insurance companies offer machine dealer insurance policies that can be custom-designed to meet your specific needs and to cover your greatest risks. Available coverage options for machine dealers include:
- General Liability
- Property Coverage
- Management liability
- Workers Compensation
General Liability Coverage
General liability coverage typically includes protection against a wide variety of errors and omissions claims, including prior damage disclosure E&O, insurance sales E&O, leasing statutory E&O, Odometer statutory E&O, and lending E&O.
Property coverage is designed to offer protection for equipment that is rented or leased to a third party, loss of property, newly-acquired premises, and false pretense.
Management liability insurance covers the actions of directors and officers in the company.
Workers compensation is a very important type of coverage for machine dealers to have, because it offers financial protection in the event that an employee is injured while on the job, or while performing duties related to their job.
In order to keep themselves properly protected, it is important for machine dealers to purchase machine dealer insurance.